Seagate Report: Multicloud Friction Is Tricky, but Winning Companies Know How to Hack It

Rhea-AI Summary

The Multicloud Maturity Report from Seagate (NASDAQ: STX) highlights the challenges of multicloud complexity and rising data costs, emphasizing the importance of managing these effectively to boost business value. The report reveals that organizations demonstrating multicloud maturity can significantly outperform competitors, achieving revenue goals nearly twice as often and accelerating market entry by 6.3 times. It underscores the need for data-centric strategies to eliminate friction and unlock the potential of the growing global datasphere, which is expected to double in size every three years.

Positive

• Multicloud-mature organizations achieve revenue goals nearly twice as often as less mature ones.
• They are 6.3 times more likely to reach the market ahead of competitors.
• These organizations are nearly 3 times more likely to be in a strong business position.
• They expect their valuation to increase fivefold over the next three years.

Negative

• None.

The Multicloud Maturity Report examines performance in two areas—controlling data costs and scaling innovation—and offers tips for leveling up

FREMONT, Calif.--(BUSINESS WIRE)-- Today’s multicloud is a mix of clouds that don’t communicate well. As multicloud complexity and the related costs are on the rise, the friction leads to data lock-in—and the resulting loss of business value. But it doesn’t have to be that way, says a new industry report.

(Photo: Business Wire)

The Multicloud Maturity Report from Seagate^® Technology Holdings plc (NASDAQ: STX)—a world leader in data storage and management solutions—demonstrates that it is crucial and possible to both minimize data costs and maximize data-driven innovation in the multicloud. The report also provides steps organizations can take to level up.

Drawing on an original global survey of senior IT and business leaders, commissioned by Seagate and conducted by Enterprise Strategy Group (ESG), the report constructs a unique Multicloud Maturity Model. The model shows how organizations navigate the growing multicloud complexity. It reveals that the most multicloud-mature companies derive the greatest business benefits.

Multicloud-mature organizations—ones that best manage cloud costs and foster innovation with the cloud—outperform their peers at business. Among other results, they:

• Beat their revenue goals by nearly twice as much as their less mature counterparts.
• Are 6.3× more likely to go to market months or quarters ahead of their competition.
• Are almost 3× more likely to report that their organization is in a very strong business position.
• Are more than 3× more likely to expect their companies’ valuation to increase fivefold over the next 3 years.

“When trying to prove the connection between actions and outcomes with research, you never really know if your hypothesis will be borne out,” said Adam DeMattia, senior director of custom research at ESG. “The report makes it clear that an organization, by its actions, can move the needle both on cloud costs and innovation outcomes. What’s unique in this research is how we see the combination of both taking action on cloud costs and promoting innovation with cloud operations models can be tied back to a dramatic impact on the overarching health of the business.”

“The global datasphere doubles in size every three years,” said Seagate CEO Dave Mosley. “How we treat all this data matters. It should no longer be acceptable that companies can afford to save and use only a fraction of their data. The more organization leaders see data as vital business currency, the easier it will be for their companies to find a way to greater business value.”

In its report, Seagate offers a data-centric lens on the multicloud. Invariably, companies that scale successfully are the ones that put data at the core of all they do. The most mature multicloud strategies are data-centric strategies. In many ways, innovation is about eliminating friction that slows down and locks in data—whether it’s cost- or access-related friction. Multicloud is, for many organizations, a given. Its many sources of friction are optional.

How does your organization measure up? Download the report and answer the questions about data costs and innovation, making sure to read the recommendations on how to level up.

About Seagate

Seagate Technology crafts the datasphere, helping to maximize humanity’s potential by innovating world-class, precision-engineered data storage and management solutions with a focus on sustainable partnerships. A global technology leader for more than 40 years, the company has shipped over three billion terabytes of data capacity. Learn more about Seagate by visiting www.seagate.com or following us on Twitter, Facebook, LinkedIn, YouTube, and subscribing to our blog.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005022/en/

Agnieszka Zielinska

agnieszka.zielinska@seagate.com

503-380-0948

Source: Seagate Technology Holdings plc